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Brexit Headlines Remain Key for Sterling direction

CABLE
MNI (London)
  • Brexit headlines continue to dictate direction.
  • Wednesday's positive comments from EU Barnier, that a deal is within reach, saw cable rally to a high of $1.3177 before easing off to $1.3134 ahead of the close.
  • EUR/GBP, which had opened Wednesday with a bullish feel, saw a sharp reversal, the move taking the cross back below its key 10-dma(current Gbp0.9062) to Gbp0.9012.
  • Sterling has retained an underlying buoyant tone, despite cable easing to a low in Asia of $1.3124, though seen more as a consequence of general USD strengthening, the rate back at $1.3150 into Europe.
  • EU Barnier returns to London Thursday with possible headlines in focus. Watch for any suggestion Brexit talks have entered the tunnel.
  • BOE Haldane(hawk) and Bailey(dove) speak this morning at 0930BST and 1025BST respectively.
  • Cable support $1.3124, $1.3100. Resistance into $1.3180, $1.3200 and $1.3220.
  • UK CBI Trends data at 1100BST. US Weekly Jobless Claims and Existing Home Sales provide afternoon data interest.
  • MNI Techs: Wednesday's move higher confirms a resumption of the upleg that started on Sep 23 and exposes 1.3222. Level marks former trendline support drawn off Mar 20 low. Trendline was breached on Sep 9 and a return above required to strengthen a bullish theme. Firm near-term support lies at 1.2863, Oct 14 low.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange Bullets

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